Portland rents are on the rise – among the fastest rising in the U.S.
If you’re a renter looking for an apartment or house to rent, you are certainly aware that rents in Portland are high, much higher than might be expected, especially as compared to just a few years ago. In fact, Portland rents have risen 20.45 percent over the last five years.
According to a recent study from the National Association of Realtors (NAR), Portland rent increases are the 6th highest in the country. The good news for Portland area renters is that in spite of increases, wage increases have just about kept pace with the rise in rents, though rising rental rates has pushed many would be renters into the housing market, and has put a damper on would be buyers ability to save for down payments for a home purchase.
The bad news is that this trend in the Portland metro area is likely to continue. While permits for new apartment complexes are up, the vast majority of these new dwellings are for higher end renters. According to Zillow, the median rent in Portland metro is $1587 per month and rising at a rate of about 7% annually.
Proposed rents for the new developments under construction or ready to open shortly are shockingly:
$1000 – 1200/month for a studio apartment
$2500 – $3300/month for a 3 bedroom unit
Wow! No wonder there are so many buyers out there!